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Income taxes | 12 Months Ended
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Dec. 31, 2012
Income Tax Disclosure [Abstract] |
Income tax | Note 3 - Income taxes During the year ended December 31, 2012, the Company recognized $5,395,000 in federal and state income tax expense at statutory rates offset by the release during the 4th quarter of 2012 of $4,000,000 of the Company’s deferred tax asset valuation allowance. During the year ended December 31, 2011, the Company recognized $634,000 in federal and state income tax expense. In future periods, the Company will be subject to federal and state income tax expense at statutory tax rates. Future usage of the Company’s NOL’s will be subjected to annual limitations of $1,300,000. The following summarizes the provision for income taxes:
Years Ended December 31, |  | 2012 |  |  | 2011 |
(in thousands) |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | 1,846 |  |  | $ | 0 |
State and local |  |  | 585 |  |  |  | 51 |
|  |  | 2,431 |  |  |  | 51 |
Deferred: |  |  |  |  |  |  |  |
Federal |  |  | (927 | ) |  |  | 522 |
State and local |  |  | (109 | ) |  |  | 61 |
|  |  | (1,036 | ) |  |  | 583 |
Provision for income taxes |  | $ | 1,395 |  |  | $ | 634 |
Reconciliation of the Company's actual tax rate to the U.S. Federal statutory rate is as follows:
Years ended December 31, |  | 2012 |  |  | 2011 |
Income tax rates |  |  |  |  |  |  |  |
- Statutory U.S. federal rate |  |  | 34 | % |  |  | 34 | %
- States, net U.S. benefits |  |  | 4 | % |  |  | 4 | %
- Reduction of valuation allowance |  |  | (28 | )% |  |  | 0 | %
Total |  |  | 10 | % |  |  | 38 | %
As of December 31, 2012, the Company had NOL's of approximately $11,000,000 expiring through 2029The Company’s NOL’s are subject to an annual limitation of $1,300,000. Elements of deferred income tax assets (liabilities) are as follows:
December 31, |  | 2012 |  |  | 2011 |
(in thousands) |  |  |  |  |  |
Deferred tax assets (liabilities) |  |  |  |  |  |  |  |
- Depreciation & amortization |  | $ | (112 | ) |  | $ | 133 |
- Reserves for doubtful accounts |  |  | 86 |  |  |  | 66 |
- Accrued payroll |  |  | 0 |  |  |  | 166 |
- Inventory reserve |  |  | 148 |  |  |  | 137 |
- NOL |  |  | 4,000 |  |  |  | 7,014 |
Subtotal |  |  | 4,122 |  |  |  | 7,516 |
- Valuation allowance |  |  | 0 |  |  |  | (4,430 | )
Total |  | $ | 4,122 |  |  | $ | 3,086 |
The Company considered its projected future taxable income, and associated annual limitations, in determining the amount of deferred tax assets to recognize. The Company believes that given the extended time period that it may recognize its deferred tax assets, it is more likely than not it will realize the benefit of these assets prior to their expiration. As of December 31, 2012, there is no further deferred tax asset valuation allowance.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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